10 Best Credit Cards for New Businesses with No Credit History in 2022
Running a new business and getting funds for it with bad credit is severe, and you don’t want it to happen. Credit cards can help in this situation and provide funds to grow your small business.
Here we have listed the 10 best credit cards for new businesses with bad or no credit history in 2022.
Capital One Platinum Credit Card
The Capital One Platinum Credit Card is one of the best credit cards for establishing credit. This card offers 1% cashback on all purchases and has zero-fee fraud liability protection.
The Capital One Platinum Credit Card is an excellent credit-building card. The Card is intended for those who have little or no credit history. Because credit cards report to all three credit bureaus, using this Card will help you build a credit history, which will help you get a mortgage or other loans in the future.
You will receive a free credit score and credit report summary every month. The Card also has no balance transfer fee, no annual fee, and a low variable APR.
Citi Simplicity Card
The interest rate on the Citi Simplicity ranges from 18.24 % to 25.24 % (Variable). It does not have an annual fee or a penalty rate. You can apply for this credit card even if you have no credit history.
You will be eligible for this Card if you are at least 21 years old, a U.S citizen or green card, have a current or open bank account in the United States and have a valid Social Security Number (SSN). The Citi Simplicity Card has no credit limit.
It has a beautiful reward system and an excellent intro APR period. In addition, it charges a low monthly fee and has no annual fee. This Card is designed to help you improve your credit score and help support small businesses. It has a clean and straightforward interface. It’s a good option for people who are just getting started with a credit card.
It’s an excellent way to start building your credit history. It’s a sound-secured card for people under 21 or with a poor credit history.
Capital One Venture Rewards
Even if you have a bad credit score, the Capital One Venture Rewards Credit Card is the one you need to support your small business. When you spend $3,000 in the first three months, you’ll receive 50,000 miles, which is worth $500 in travel.
The best part is that there is no expiration date; it doesn’t matter what you redeem your rewards for. This means you’ll be able to save your tips for when the time is right to use them.
This is one of the most generous cash bonus offers available. Furthermore, the miles earned on this Card are worth 1.25 cents each, which is higher than the value of many similar cards. This is one of the most critical factors contributing to this Card being one of the best travel credit cards.
For every dollar spent, you will receive 1.25 miles. As a result, if you spend $3,000 in the first three months, you will earn 50,000 miles, equal to $500 in travel. Travel rewards can be redeemed in several different ways, including cash back, gift cards, merchandise, travel services, and more.
United Club Infinite Card
The United Club Card entitles you to free access to the United Club airport lounges. These United Club lounges are located in airports worldwide, and they make a good impression on your customers if you want to gain more clients. Therefore, these United Club lounges can be highly beneficial at many airports. But, to be honest, everything is dependent on the lounge’s location.
There are no international transaction fees. The credit limit on the card is $10,000. The United Club Card Infinite also includes a free checked bag on United flights.
We can conclude that the United Club Card Infinite is an excellent credit card for newcomers. It’s also a sound first credit card, particularly for those over 18. The reason is that there are no one-time or annual fees.
Furthermore, you can redeem your miles for flights to over 120 countries, over 500 destinations in the United States, or popular vacation destinations worldwide.
Spark Cash Plus
The Spark Cash Plus credit card is perfect if your company spends a lot and wants to build credit, thanks to its total cashback reward rate on all purchases, anywhere, with no limits. You’ll also receive an itemized year-end spending report, which helps keep track of your expenses.
This Card provides unlimited 2% cashback on all purchases with no spending limit. You’ll also get a $500 welcome bonus if you spend $5,000 on the Card within three months and another $500 if you spend $50,000 in the first six months—a decent signup bonus for cardholders.
You can also get free employee cards to help you earn cashback rewards faster and at no extra cost.
However, This Card has a $150 annual fee in exchange for unlimited benefits. Furthermore, there is no 0% APR as long as you pay your balance altogether each month. On the other hand, there is a 2.99 percent late fee. Still, the most significant disadvantage has excellent credit to obtain this Card.
Chase Ink Business Unlimited
Suppose you want to earn rewards on all business expenses. In that case, the Chase Ink Business Unlimited credit card is the Card for you. You’ll also benefit from their high welcome bonus and additional rewards, such as gift cards, travel packages, and more, via Chase Ultimate Rewards.
This card has no $0 annual fee and allows you to have as many employee cards as you want at no extra cost. New cardholders also benefit from a 0% intro APR for 12 months, with a regular APR ranging from 13.24 % to 19.24 %. There is also a 3% foreign transaction fee, which other business credit cards do not charge for new businesses/startups that are better suited for travel.
After spending $7,500 on the credit card in the first three months, you will receive a $750 bonus cashback. You can also use your points to book travel through Ultimate Rewards and make Amazon purchases. You can also earn more points by combining this Card with another Chase card.
OpenSky Secured Visa
Suppose you need new business credit cards with no credit history. In that case, you can start with OpenSky—simply it’s to apply for, report payments to three major credit bureaus, and refund your deposit.
Your security deposit determines your credit limit. Therefore, paying on time has a positive impact on your credit report, which helps to raise your credit score. In addition, you will be better qualified for a bank account and a better credit card if you use this Card.
You can get it even if you don’t have a bank account. Building your credit with this secured card is preferable before applying for an unsecured or business credit card.
The annual fee for OpenSky is $35.00, and the security deposit ranges between $200 and $3,000. The regular APR is 17.39%, and the foreign transaction fee is 3%.
Furthermore, the cash advance fee is 5% of the advance amount. Therefore, if you want to use this Card to apply for a business credit card with no credit history, you must pay these rates.
The Brex Card is available in two types of payment: one that must be paid off daily and one that can be paid off once a month. You’ll be able to select one of these options when you apply for a Brex Card, subject to Brex’s approval.
However, the Brex Card is not suitable for every business owner. Companies interested in participating must be organized and registered in the United States and willing to give Brex access to their bank information.
You must also be well-funded to qualify for monthly repayments and be comfortable paying your bill in full when it is due: Brex only offers charge cards, so you can’t revolve a balance. However, the following benefits are available with the Brex card:
Get 10,000 points when you spend your first $1,000 on your Brex Card, another 10,000 when you spend $3,000 on your Card in three months, and 20,000 more when you link your payroll to your Brex account.
Capital One Spark Cash
The Capital One Spark Cash Plus has no set spending limit, which is not the same as having no limit at all. Instead, the spending limit varies according to the cardholder’s payment history, credit profile, and spending habits.
If you’re a Capital One customer, you should know that this business credit card effectively replaces the Capital One Spark Cash for Business. The annual fee for the Capital One Spark Cash Plus is higher than that of its predecessor: $150 instead of $0 for the first year, then $95.
The best part is that Capital One Spark Cash Plus has no foreign transaction fees. Credit card foreign transaction fees are typically around 3%, adding up if you travel internationally or make purchases from foreign suppliers.
However, if you use the card for more than $7,500 in a year, the cashback reward will cover the annual fee. Late payments are assessed a 2.99 % penalty. There is no option to make a minimum payment and carry the remainder as a balance, as there is with a credit card.
Chase Ink Cash
Just like the Chase Ink business, The Ink Business Cash Credit Card can be a lucrative card for small-business owners who spend a lot in the Card’s top bonus categories and want a card with a zero-percentage-point annual fee.
Although the Chase Ink Business Credit Card is a capable cashback rewards card, some business owners will find a better fit elsewhere, including among other Chase business credit cards.
However, its most lucrative rewards are capped, which troubles big spenders. While its other benefits and features are acceptable, there are better options for people who travel and are willing to pay an annual fee. If you’re traveling abroad, the 3 percent foreign transaction fee is not a thing you want to hear.
Suppose your company spends a lot of money on bonuses. In that case, it makes sense to get one, especially with a lucrative signup bonus and the ability to pair it strategically with other cards. However, if it is not a good fit for your business spending, other good options are listed above.
This article discussed the best credit cards you can buy for your small business and get the best benefits and hefty allowances to get funds for your small business. There is different kind of credit cards that we have listed for different revenue models for business.
It is best to do extensive/deep research before applying for a credit card. For more updates, make sure to signup for our newsletter to keep yourself updated for the best credit card updates.